Nigeria’s terms of trade falls 0.12%

All commodity terms of  trade (ToT) declined by 0.12 percentage points in the first quarter of 2024 (Q1’24), just as the value of imports increased by 0.51 percentage points during the period. The National Bureau of Statistics, NBS, disclosed this yesterday in its All Commodity Price Indices and ToT report for Q1’24. The bureau defined ToT […]

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Foreign loans drive up capital importation by 19% to $330m

Increased loan inflows improved capital importation into Nigeria in January 2024 by 19 percent month-on-month, MoM, to $330 million from $280 million in December 2023. The Central Bank of Nigeria, CBN, disclosed this in its Monthly Economic Report for January 2024. CBN said: “Higher inflow of loans boosted foreign capital inflow in the review month.” Giving further […]

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Net forex inflow into economy falls 39% to $2.37bn

Net foreign exchange inflow into the economy fell by 39 per cent Month-on-Month, MoM, to $2.37 billion in January from $3.91 billion in December 2024. The CBN disclosed this in its monthly economic report for January, released yesterday. The report showed that the sharp decline in net forex inflow was caused by 95.7 per cent MoM […]

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Stock investors gain N619bn in May despite rates hike

The equities market defied the persistent hike in interest rate by the Central Bank of Nigeria, CBN, at the end of trading in May with investors recording a marginal gain of N619 billion. This is a sharp contrast from the previous month when the market declined by 6.16 percent after losing more than N3.5 trillion in […]

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GDP not enough to measure economic growth — AfDB

Dr Akinwumi Adesina, the President of the African Development Bank (AfDB), says an increase in the Gross Domestic Product (GDP) must translate to job creation for youths to ensure growth on the continent. Adesina said this at a presentation on the African Economic Outlook held on the sidelines of the ongoing 2024 Annual Meetings in […]

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EFCC invites Kwankwaso over alleged N2.5bn pension fraud

The Economic and Financial Crime Commission is probing a former Kano State Governor, Rabiu Kwakwanso, over alleged N2.5bn pension fraud. Our correspondent gathered that Kwakwanso was invited and had been grilled by EFCC interrogators over the development. A source in the anti-graft agency familiar with the matter but had no authourisation to speak, said, “The […]

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Naira appreciates to N1,375/$ in parallel market

The Naira yesterday appreciated in the parallel market to N1,375 per dollar from N1,500 per dollar on Tuesday. But the Naira was depreciated to N1,339.33 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,329.65 per dollar from N1,173.88 per dollar […]

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